27 March 2025
Genel Energy plc
Report on payments to governments for the year 2024
Introduction and basis for preparation
This report sets out details of the payments made to governments by Genel Energy plc and its subsidiary undertakings (‘Genel’) for the year ended 31 December 2024 as required under the Disclosure and Transparency Rules of the UK Financial Conduct Authority (the ‘DTRs’) and in accordance with our interpretation of the Industry Guidance issued for the UK’s Report on Payments to Governments Regulations 2014, as amended in December 2015 (‘the Regulations’). The DTRs require companies in the UK and operating in the extractives sector to publicly disclose payments made to governments in the countries where they undertake exploration, prospection, development and extraction of oil and natural gas deposits or other materials.
This report is available to download at www.genelenergy.com
Licence fees
These are fees and other sums paid as required by the licence agreements in relation to exploration rental, social development, training and technology transfer.
During 2024, Genel paid $265,000 (£208,000) in licence fees to the Government of Somaliland in connection with its obligations under the SL10B/13 and Odewayne Petroleum Sharing Agreements.
Materiality threshold
Total payments below £86,000 made to a government are excluded from this report as permitted under the Regulations.
payments to governments – 2024
|
Country/Licence
|
Somaliland Total
|
SL10B/13
|
Odewayne
|
|
|
|
|
|
|
Licence rental ($’000)
|
90
|
90
|
|
|
Licence training ($’000)
|
50
|
50
|
|
|
Capacity building payments ($’000)
|
75
|
|
75
|
|
Social development payments ($’000)
|
50
|
50
|
|
|
Total ($’000)
|
265
|
190
|
75
|
-ends-
Enquiries:
|
Genel Energy
Luke Clements, CFO
|
+44 20 7659 5100
|
|
|
|
|
Vigo Communications
Patrick d’Ancona
|
+44 20 7390 0230
|
Notes to editors:
Genel Energy is a socially responsible oil producer listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). For further information, please refer to www.genelenergy.com
